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According to a study commissioned by the US-based firm, over 50 per
cent of real estate buyers’ decisions are influenced by Internet
research.

“This phenomenon of researching online for real estate information
before making a decision is not limited to metros but also extended to
buyers in tier II cities,” Google India Industry Director Nitin
Bawankule told reporters here.

The overall influence of Internet on real estate transaction value of
both residential and commercial property including rentals amounts to
USD 43 billion (USD 31 billion for residential and USD 12 billion for
commercial), he added.

The primary reasons for researching online were easy access to
in-depth property information and market trends (60 per cent), large
comparison options (52 per cent), easy access to contact details of
owners and developers (49 per cent) and financing and document
processing information (43 per cent).

The survey, conducted by consultancy firm Zinnov across 15 cities in
India included the metros, Pune, Lucknow and Ahmedabad with 6,196
respondents.

Talking about search trends on Google, Bawankule said the number had seen a 3x growth in the last three years.

“There is tremendous opportunity for both online real estate
aggregators, brokers and developers to engage the buyers online by
providing rich, meaningful and immersive experience to buyers on the
Internet,” he added.

According to the study, 62 per cent respondents said aggregator sites
(like makaan.com and magicbricks.com) were top sources of information
for them on the Internet, followed by websites of real estate companies
(52 per cent).

About 45 per cent said they visited broker sites, blogs and forums to find information before making a decision.

An increasing number of people are also using their mobile devices to search for properties online.

“Mobile queries (those originating from mobile phones) are doubling
every year and about 40 per cent of total searches came through mobile
phones,” Bawankule said.

Also, the study found 73 per cent respondents saying they prefer using their mobile apps for researching for property.

However, a major concern for people researching online was the lack of accurate and updated information.

Respondents said websites of developers and aggregators often lacked
availability of in-depth information about property and features like
easy price comparison.